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- higher prices of fruits (+0.1 point), soft drinks (+0.1 point), concentrated juice and syrup (+0.1 point), fish (+0.1 point) and other food products (+0.1 point);
- higher prices of cigarettes (+0.1 point), motor vehicles (+0.2 point), prepared foods (+0.1 point) and some other goods and services (+0.4 point);
partly offset by
- lower prices of vegetables (-0.1 point), culinary herbs (-0.1 point) and ginger (-0.1 point); and
- lower interest rates on housing loan (-0.2 point).
2. The headline inflation rate for the twelve months ending September 2020 works out to 1.9%, compared to 0.9% for the twelve months ending September 2019.3. The headline inflation rate excluding “Alcoholic beverages and tobacco" for the twelve months ending September 2020 works out to 2.0% compared to 1.0% for the twelve months ending September 2019.
4. On the basis of trends in previous years and recent price changes, the headline inflation rate for calendar year 2020 is forecasted at around 2.8%, compared to 0.5% in 2019.
Ministry of Finance and Economic Development
14 October 2020